Self Employment & Bankruptcy

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Will I Lose My
Small Business

If I go Bankrupt?

With the right help and advice, you may not have to lose your business. Company insolvency laws are complicated in Western Australia, and you need to tread very carefully around this to continue to be self-employed. Of course, you can no longer be a Director of a Pty Ltd company once you declare yourself bankrupt. However, this does not mean that you cannot still manage a business and employ people as a sole trader.

If you are self-employed or a director of a business getting the appropriate advice is critical. There can be very significant repercussions for self-employed individuals who file for bankruptcy so get some professional advice. At Bankruptcy Experts Joondalup we provide a complimentary consultation so give us a call on 1300 795 575 to find out more.

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What If I Have Both Business and Personal Debts?

If you have a combination of personal and business debts when you declare bankruptcy, you may be able to have most, if not all, of it wiped. This is a complicated process, but it is possible. Personal insolvency does not automatically imply business bankruptcy as well. Whether you operate as a Sole Trader, Partnership, Company, or Trust, at Bankruptcy Experts Joondalup we can guide you through all of your alternatives. Call us for an obligation free chat on 1300 795 575.

What if I have Both Business and Personal Debts
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Should I Put My Company Into Liquidation?

If you choose to liquidate your business you may not need to declare bankruptcy, another option is voluntary administration. As with all these matters, get some expert guidance first, call us at Bankruptcy Experts Joondalup on 1300 795 575 and go through the options available to you. There is a lot more to this story so go to the Liquidation Section of this website to find out more on how company liquidations can impact you.

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Big 5 Questions

– Is Going Bankrupt Right for me?
– Will I lose my job?
– How will my income be affected?
– Can I keep my house or car?
– Will I lose my business or can I still be self-employed?

If you are considering bankruptcy, being able to answer these questions is vital. Then you’ll know exactly what will happen to your business and assets should you choose to file for bankruptcy. Feel free to download our eBook for free and inform yourself today. Or, if your questions are more complex, call us directly on 1300 795 575.

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bankruptcy expert ebook

Get your FREE copy of the Big 5

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* We promise not to bombard you with emails and phone calls when you sign up for our free e-book. In fact, we promise to only call you once to see if we can help you further and that’s it.

We offer a No Obligation Free Consultation in over 40 locations throughout Australia, Brisbane, Canberra, Sydney, Melbourne, Gold Coast, Adelaide, Perth, Darwin, Hobart, Sunshine Coast, Newcastle and Geelong. Feel free to download our e-Book now.

What Impact Will Bankruptcy Have on my Business?

The effect on your business could be massive or only a slight concern depending on your circumstances. In WA while you are bankrupt, you can operate or run a business as a Sole Trader although there are some conditions. There are a couple of things to consider prior to taking this path, like some professional licences that may well become invalid during bankruptcy. For instance, a building contractor could have their Builder’s Licence suspended for the 3 years they are bankrupt, as this licence is critical for a builder to have, the significance of losing it is enormous.

Call 1300 795 575 and let Bankruptcy Experts Joondalup give you more information so that you can make the very best decision.

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Isn’t It Illegal to Run a Similar Business after Bankruptcy?

Is it illegal to run a similar business after bankruptcy? It definitely can be. It is illegal to put together a Phoenix Company that rises up out of the ashes of an old one and Western Australia has laws in place to prevent this from happening. You cannot run up thousands in debt, go bankrupt, then open up the doors again the next morning as if absolutely nothing had happened. This scenario, just like many concerning bankruptcy, is not as simple as it might seem. It is always a good idea to talk with the experts first so call Bankruptcy Experts Joondalup today on 1300 795 575.

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